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Lombard Chases What Money It Can Get From Tasman Mortgages

Contributor:
Fuseworks Media
Fuseworks Media

Wellington, March 26 NZPA - Lombard has appointed a liquidator to wind up the Tasman Mortgages businesses it bought from the failed Blue Chip Group.

The Inland Revenue Department was chasing unpaid income taxes from Tasman Mortgage Brokers and appointing a liquidator would help conclude the affairs of that company and Tasman Mortgages, Lombard said today.

The Lombard Group bought 70 percent of Tasman Mortgages Group shares from Blue Chip (now called Northern Crest Investments Limited) for $50,000 in 2007.

Northern Crest was obliged to meet all taxation liabilities but failed to do so. The IRD proceeded to wind up Tasman Mortgage Brokers over the unpaid tax, said Lombard chief executive Michael Reeves in a release to the stock exchange today.

The unpaid tax bill was for a period before Lombard bought the companies, he said.

Lombard had been talking to the IRD and recently made a formal demand on Northern Crest.

B efore Lombard bought its share of Tasman Mortgages Group, one of the major lenders took over management of that part of the mortgage book which related to their funding, he said.

As a result income from the Tasman Group was significantly down, as was the number of mortgages under management.

NZPA WGT dw nb

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